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To: John Chen who wrote (112856)	12/17/2000 12:21:43 PM
From: Skeeter Bug	Respond to of 164684

john, i'm not rich, but i ain't poor either. i have a slightly higher than middle class income if my wife doesn't work. two things i don't do, buy high and sell low. when we bought out home only 2.5 years ago, at nearly 1/3 the current value, i was close to moving out of our area b/c it was so expensive... THEN! we were extremely fortunate to find the home we did w/o it going on the open market. it could have gone for $5-$20k more - and we would have been s.o.l. and movin'. my view on the house when we bought it was that it was close to "fair value." i wanted to buy at less than fair value, but that was NOT an option back then. i'm flabbergasted by how little the amount of money we paid for 2.5 years ago gets you today. :-( i feel for you looking for a home now (my wife almost had a nervous breakdown when she was looking 2.5 years ago!). if it were me, i'd move to a reasonable area (oregon, arizona, etc.). i'd also recommend waiting some years and saving everything you can. i don't see current values sticking. another option is to buy a future rental condo and live in it until the market changes. remember, it is a future rental so don't spend $200k on a freakin' condo! maybe $70-$90k, depending on the area. 1000x their income? do they have a TON of money sitting in the bank, or what? that is entirely too risky and it is something i'd NEVER do. if the market goes south, what will they do other than file bankruptcy? re: agent guarantees about appreciation... did she get it in writing? didn't think so. sad, but some folks aren't equipped to make BIG financial decisions. btw, this is the #1 area where our schools let down our students. personal finances should be taught at every grade level until it sticks. maybe 2 weeks a years.